
Naftali Lands $103M in Construction Loans on Upper East Side Project
The Naftali Group has obtained $102.7 million in construction financing for 1165 Madison Ave., a 13-story luxury residential condominium development on Manhattan’s Upper East Side. BHI, which arranged the financing, is providing $67.7 million and Israel Discount Bank of New York will hold $35 million of the overall loan amount.
Totaling 62,700 square feet and designed by Robert A.M. Stern Architects, 1165 Madison Ave. will feature 12 condo units and 3,750 square feet of ground-floor retail.
“Following the sell-out of The Benson at 1045 Madison Ave., 1165 Madison represents our second condominium along Madison Avenue, an area that has not seen a ground-up condominium development in over 25 years,” said Miki Naftali, CEO of Naftali Group.
He continued, “The real estate team at BHI understands our needs and the nuances of our new luxury residential project. They have worked closely with us on the successful conclusion of our financing.”
Pictured: The Benson.